Real estate agents, brokers, and appraisers play an essential role in helping their clients through the home-buying, renting, or selling processes. Their job can be complex and requires attention to detail in order to provide accurate information while handling high-dollar transactions without making errors that lead to costly lawsuits against their business. Luckily, errors and omissions insurance (E&O) for real estate professionals helps manage professional liability risks so as to safeguard your business against these potential lawsuits.
As a licensed real estate professional in New York, Syracuse or Rochester, you face unique risk factors as an agency manager, property deals overseer or title company operator. Clients entrust you to provide expert advice that safeguards their financial interests during real estate deals; yet anything could go wrong during any deal; when something does go awry, disgruntled clients could file a negligence claim alleging you caused their financial loss through negligent acts on your part.
Errors and Omissions Insurance for Real Estate BusinessesEinen error claim could put your real estate business out of operation, which is why errors and omissions insurance is essential to its survival. Coverage will help cover legal fees, damages and lost income if someone sues for professional negligence or oversight from your actions; errors and omissions policies typically come alongside general business policies as an added coverage option or can even stand alone as standalone policies.
While most E&O policies exclude criminal activity, you can add a crime endorsement to your policy in order to cover claims related to dishonesty, fraud and other unlawful actions. While some policies may exclude work done prior to having E&O insurance in effect, in most instances this coverage can usually be requested from your insurer.
If you work for a broker, it is crucial that you carefully review their policies and see which services are covered and which aren’t. If their E&O coverage excludes property management or other services you perform – particularly freelance agents working on commission only or managing properties while simultaneously selling – additional coverage might be necessary as some brokers do not cover such activities in their E&O policies.
Real estate professionals must manage complex, costly deals in a highly-charged industry with quick turnover times. Under such pressure and strain it’s not unusual for mistakes to be made along the way; errors can even happen as often as someone makes their career choice! Errors and omissions (E&O) insurance for real estate professionals is designed to manage the professional liability risks associated with your business, so that you can focus on what matters most – real estate transactions! Contact Insureon today if you want to learn more about E&O insurance for your real estate business and speak with an experienced agent! We can find a tailored Errors and Omissions insurance real estate agent policy that meets both your needs and budget – plus with our easy online application process it’s easier than ever before – get your free Errors and Omissions quote right now!